Dynamic $-$ Answer changes with each attempt $($consider an Excel solution$)$

San Luis Mill and Lumber sells lumber and general building supplies to building contractors in a medium$-$sized town in California. Data regarding the store's operations follow:

Sales are budgeted at $$353,541$ for November, $ $358,624$ for December, and $$306,925$ for January.

Collections are expected to be $90\%$ in the month of sale and $10\%$ in the month following the sale.

The cost of goods sold is $70\%$ of sales.

The company desires to have an ending merchandise inventory equal to $50\%$ of the following month's cost of goods sold. Payment for merchandise is made in the month following the purchase.

Other monthly expenses to be paid in cash are $$24,999$

Monthly depreciation is $$15,830.$

Ignore taxes.

$\backslash$table$[[,$Balance Sheet October $31,],[$Assets$,,],[$Cash$,,$$ $19,600],[$Accounts receivable,,$77,400],[$Inventory$,,123,200],[$Property$,$ plant and equipment, net of $$50,00$ accumulated depreciation,$1,004,000],[$Total assets,,$ $1,224,200],[$Liabilities and Stockholders' Equity,,$],[$Accounts payable,,$ $273,000],[$Common stock,,$782,000],[$Retained earnings,.,$169,200],[$Total liabilities and stockholders' equity,,$ $1,224,200]]$

The net income for December would be:

Hint: Range is $$50,000$ to $$65,000$